Bangladesh Bank partners with Fime to drive GDP growth through a local card program, supporting the Smart Bangladesh Mission’s digital solutions agenda.
Asian Development Bank forecasts an improvement in Bangladesh’s GDP growth rate in 2024. In keeping with this and in an effort to spur this development, Bangladesh Bank has chosen paytech Fime to introduce the local card program for the country.
According to analysis by the Asian Development Bank, Bangladesh’s GDP growth is anticipated to rise from 5.3% in 2023 to 6.5% in 2024. Bangladesh Bank chose Fime to offer consultancy and testing services and to establish a framework for a certification body as part of its role in driving expansion. The two organizations have decided to collaborate for six years on the domestic card program for Bangladesh.
“Bangladesh is an emerging market with a growing payments ecosystem and a strong desire for digital solutions that advance the Smart Bangladesh Mission,” says Mezbaul Haque, executive director of Bangladesh Bank. We are confident and prepared to start the process of achieving payments sovereignty, and we look forward to cooperating with Fime to do so.
In the fintech industry today, cybersecurity and financial inclusion are two of the most crucial elements. Fime is assisting Bangladesh Bank in integrating these components as well as sovereignty into its payment strategy as a result. Once the structure for the certifying body is ready, the paytech will also help onboarding and the final management and operation of the scheme.
“This initiative will be fundamental in increasing the penetration of digital payments and boosting financial inclusion in the region,” adds Angaj Bhandari, VP – MEA, India and South Asia at Fime. Our South Asian professionals will provide local knowledge grounded in global competence. The domestic program’s digital payment infrastructure will be customized to meet the particular needs of the Bangladeshi market.
Creating digital and creative domestic programs
In several nations, Fime permits the development of cutting-edge household digital systems. Additionally, it makes it possible for these advances to follow in the footsteps of their worldwide counterparts. They continue to have control over their own payments network throughout. Bangladesh is the second nation in South Asia that Fime has backed after India and its RuPay program.
Setting up and administering the system’s testing and certification infrastructure requires the use of Fime’s Savvi+ Test Platform and the digital cloud-based Fime Test Factory suite. Consequently, it offers a single solution for all certification needs to the nation’s payment stakeholders.